Claims management company Crawford & Company said in its annual report that the Securities and Exchange Commission has finished its FCPA investigation and won’t bring an enforcement action against the company.
Crawford said it was notified by the SEC during the first quarter of 2017.
The company’s announcement didn’t mention the DOJ.
In 2015, Crawford self reported possible FCPA violations to the DOJ and SEC.
The Atlanta-based company provides claims services to insurance companies and self-insured organizations.
It discovered possible FCPA violations during a regular internal audit.
“Upon discovery, the Company, with the oversight of the Audit Committee and the Board of Directors, proactively initiated an investigation into this matter with the assistance of external legal counsel and external forensic accountants,” Crawford said.
The company hasn’t disclosed details about the potential FCPA violations.
Crawford has more than 700 offices in 70 countries with about 8,900 employees. Revenue last year was $1.17 billion.
It trades on the NYSE under the symbols CRD-A and CRD-B.
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Here’s the full FCPA disclosure from Crawford & Company’s Form 10-K filed with the SEC on February 27, 2017:
In 2015, the Company voluntarily self-reported to the SEC and the Department of Justice certain potential violations of the Foreign Corrupt Practices Act discovered by the Company during the course of its regular internal audit process. Upon discovery, the Company, with the oversight of the Audit Committee and the Board of Directors, proactively initiated an investigation into this matter with the assistance of external legal counsel and external forensic accountants. In the first quarter of 2017, the Company received notice from the SEC that the SEC has concluded its investigation and did not intend to recommend an enforcement action against the Company with respect to this matter.
Richard L. Cassin is the publisher and editor of the FCPA Blog.